Commuting has taken on an entirely different meaning since March.
Commercial real estate brokers, investors and analysts are watching and waiting—along with much of the nation—to see what the future holds for the office market in the wake of the COVID-19 pandemic.
From lease terms to office layouts, touchless solutions, and the need to balance social distancing with collaboration, the core identity of “the office” remains unclear. Gone—for now, at least—are the communal water coolers, coffee pots, populated conference spaces and waiting rooms. In their place is a continuing degree of uncertainty as to what the post-pandemic future holds for employers and employees whose job descriptions include face-to-face collaboration and client engagement.
One thing is sure: COVID-19 has altered the way the office looks. And at least for the time being, it looks dramatically different than what was depicted in the long-running Steve Carell sitcom, “The Office.”
“We don’t know the full impact yet,” said Wayne Barber, Jr., SIOR,, co-founding principal of Southern Illinois commercial real estate firm BARBERMURPHY. “There is already a change in the attitude of how employers and employees utilize space.”
SIOR Blog Post
Kerry Smith – July 14, 2020